Binance partners with Coinmerce for free customer transfers in Dutch market.
The Binance cryptocurrency exchange, which is the largest in terms of daily trading volume, registered users, and Bitcoin liquidity, has been facing regulatory challenges worldwide since the collapse of FTX and Alameda Research last year. The exchange, originally from China, may be affected by the ongoing geopolitical differences between the BRICS nations and the G7 alliance. Additionally, Binance has been unsuccessful in obtaining proper cryptocurrency regulatory licenses in the United States, the United Kingdom, and some European countries, including the Dutch market.
Binance Agrees to Orderly Exit from Dutch Market
According to a report from the Dutch-based cryptocurrency exchange Coinmerce, Binance users will be able to transfer their assets freely before July 17. Binance has reached an agreement with Coinmerce to allow hundreds of thousands of Dutch crypto users to transfer their assets without any restrictions. Coinmerce, registered with De Nederlandsche Bank (The Dutch Central Bank) as a virtual asset service provider, will become the largest crypto asset exchange in the Dutch market through Binance’s direct referral.
“We are very proud of this partnership with Binance. We offer these users an equivalent platform that complies with all European laws and regulations. The transition will be smooth, and we have made it as easy as possible for users in consultation with Binance. The user will receive an email from Binance, and from there, the simple step-by-step process will begin,” said Nick Smits van Oyen, co-founder of Coinmerce.
In order to facilitate mainstream cryptocurrency adoption, Binance is ensuring an orderly transition as it exits the Dutch crypto market. This emphasis on an orderly transition was reiterated by Jaap de Bruijn, CEO of Coinmerce.
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“It is necessary to urgently address the needs of these users. The crypto assets of Dutch users on Binance will be transferred to Coinmerce through a controlled transition,” Bruijn added.
Binance has recommended Coinmerce to its users due to its robust security measures and extensive trading environment. However, Dutch crypto users on Binance still have the option to use other cryptocurrency exchanges. Furthermore, the recommendation of Coinmerce by Binance is optional for Dutch crypto traders.
Coinmerce & Binance join forces for a powerful and easy transition.
More information is available at: https://t.co/wL9eGF5Jsf #coinmerce #binance #transition #switch #crypto #cryptoplatform #cryptocurrency pic.twitter.com/mI4mcA1qB6
— Coinmerce (@coinmerce) July 6, 2023
Binance holds the highest balance of Bitcoin, with over 551,876 coins, which can be verified through on-chain data. As the cryptocurrency industry moves towards mainstream adoption, Binance has been expanding its presence in other markets, particularly in Asia, the Middle East, and Africa. However, Binance continues to face challenges in obtaining regulatory approvals in the United States and European countries that have recently adopted MiCA regulations.